1371. The excess of the floating assets over the floating liabilities is also called :

A. Fixed capital
B. Trading capital
C. Circulating capital
D. Working capital *

1372. The debentures and other fixed loans are sometimes called the :

A. Working capital
B. Circulating capital
C. Fixed capital
D. Loan capital *

1373. Closing stock is recorded at the :

A. Balance sheet and trading account *
B. Balance sheet only
C. Profit and loss account
D. Trading account only

1374. Marshalling of balance sheet means :

A. The ordering of its assets and liabilities *
B. The totalling of its assets and liabilities
C. Excess of assets over liabilities
D. None of the above

1375. The valuation of closing stock is at :

A. Cost price
B. Market price
C. Cost or market price which ever is lower *
D. Both on cost and market price

1376. Balance sheet shows the :

A. Profit earned by a business
B. Financial position of a business *
C. Balance of all accounts
D. Less earned by a business

1377. Profit and loss account shows the :

A. Profit and loss through sale of assets
B. Total capital employed
C. Profit and loss distribution
D. Profit earned or loss suffered by the business *

1378. Stock in trade is :

A. A current asset *
B. A fixed asset
C. An intangible asset
D. A wasting asset

1379. Expenses relating to sale of goods are shown in :

A. Trading account
B. Profit and loss account *
C. Balance sheet
D. Sales account

1380. A profit and loss account is prepared :

A. For a certain given period *
B. At a particular point of time
C. On fixed date
D. After the fixed date